The Gift of Giving

If you are 70½ years old or older, you can take advantage of a simple way to benefit Newman Regional Health Foundation and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity without having to pay income taxes on the money.

This law no longer has an expiration date so you are free to make annual gifts to the Foundation this year and well into the future.

Why Consider This Gift?

•Your gift will be put to use today, allowing you to see the difference your donation is making.

•You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.

•If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape.

I’m turning age 70½ in a few months. Can I make this gift now?–

No. The legislation requires you to reach age 70½ by the date you make the gift.

I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?–

Yes. Direct rollovers to a qualified charity can be made only from an IRA. You may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Newman Regional Health Foundation. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Can my gift be used as my required minimum distribution under the law?–

Absolutely! If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

Do I need to give my entire IRA to be eligible for the tax benefits?–

No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.